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Paying For College 202

Paying For College 202

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Paying For College 202

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  1. Paying For College 202

  2. Presented by… Student Financial Services

  3. Types of Financial Aid Free Money Grants & Scholarships Earned Money Work-Study(Student Labor) Borrowed Money Loans

  4. U.S. Department of Education Pell Grant* $5,550 Supplemental Education Opportunity Grant* $4,000 (AU Max. = $1,000) * FAFSA Required Federal Financial Aid Programs

  5. U.S. Department of Education Perkins Loan 5% fixed, 9 month grace period (AU Max .= $1,500) Stafford Loans 5.6% fixed, Subsidized, 6 month grace period 6.8% fixed, Unsubsidized, 6 month grace period PLUS Loan 7.9 % fixed, within 60 days after last disbursement, unless a deferment is requested • Consider • Subsidized vs. Unsubsidized • Interest Rate • Grace Period • Know • Borrowers Rights & Responsibilities • Loan Repayment • Deferment & Forbearance • Entrance & Exit Counseling Federal Loan Programs

  6. Applying for Financial Aid • Federal Aid PIN • FAFSA • Institutional Forms • Other Note: Communicate with each college to inquire about steps you need to take to have a complete application.

  7. IRS Data Retrieval • While completing FAFSA, applicant may submit real-time request to IRS for tax data • IRS will authenticate taxpayer’s identity • If match found, IRS sends real-time results to applicant in new window • Applicant chooses whether or not to transfer data to FAFSA • Available end of January 2011 for 2011-12 processing cycle • Participation is voluntary • Could reduce documents requested by financial aid office • Not available to applicants with a recent change in marital status

  8. Frequent FAFSA Errors • Parent and student Social Security Numbers • Divorced/remarried parental information • Income earned by parents/stepparents • Untaxed income • U.S. income taxes paid • Household size • Number of household members in college • Real estate and investment net worth

  9. Steps for Students • Start planning for the future now • Complete the admission process • Apply for PIN and complete FAFSA • Receive, revise and edit the Student Aid Report (SAR) • Consider award letters • Respond to college offers • Advise school(s) of external scholarships • Renew the FAFSA every year!

  10. Student Financial Services